Private company

Franklin BSP Real Estate Debt, Inc.

Franklin BSP Real Estate Debt, Inc. is an American real estate investment trust based in New York.1

Last updated Oct 20, 2026.

Overview

$9.5MRevenue, fiscal 20252
$1.6MNet income, fiscal 20252
  • IndustryReal Estate Investment Trusts1
  • HeadquartersNew York, New York1
  • Incorporated inMD3
  • Business addressOne Madison Avenue, Suite 1600, New York, Ny 100103
  • Filer category, Emerging growth company3
  • Legal formCorporation
  • Kind of organizationReal estate investment trust1

See how the biggest companies compare on our leaderboards

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.4%Net margin2
0.9%Return on equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs84¢$8.0M
  • Profit16¢$1.6M

Out of $9.5M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid61¢$4.7M
  • Kept or used elsewhere39¢$3.0M

Out of $7.7M of cash from operations.2

Financial statements

Fiscal year20242025
Revenue$9.5M2
Operating expenses$8.2M2
Net income$1.6M2
Earnings per share$0.352
Earnings per share (diluted)$0.352
Shares (weighted, basic)4.5M shares2
Shares (weighted, diluted)4.5M shares2

Compare Franklin BSP Real Estate Debt, Inc. with another company

Corporate structure

Franklin BSP Real Estate Debt, Inc. sits at the top of its group. 14 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Franklin BSP Real Estate Debt, Inc. New York, New York
    • FBRED Lux HYJV, LLC Subsidiary · Delaware, United States
    • FBRED REIT AWH Mezzanine Loan Seller, LLC Subsidiary · Delaware, United States
    • FBRED REIT AWH Mezzanine Loan Subsidiary, LLC Subsidiary · Delaware, United States
    • FBRED REIT AWH Seller, LLC Subsidiary · Delaware, United States
    • FBRED REIT BWH Seller, LLC Subsidiary · Delaware, United States
    • FBRED REIT Equity, LLC Subsidiary · Delaware, United States
    • FBRED REIT Finance, LLC Subsidiary · Delaware, United States
    • FBRED REIT High Yield Securities, LLC Subsidiary · Delaware, United States
    • FBRED REIT JWH Seller, LLC Subsidiary · Delaware, United States
    • FBRED REIT Real Estate Debt OPCO, LLC Subsidiary · Delaware, United States
    • FBRED REIT TRS Holdco, LLC Subsidiary · Delaware, United States
    • FBRED REIT TRS, LLC Subsidiary · Delaware, United States
    • FBRED REIT WWH Seller, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Franklin BSP Real Estate Debt, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$12.3M2 Dec 31, 2025$26.0K2 Dec 31, 2024+47265.4%

Properties, in its own words

Our principal office is located at One Madison Avenue, Suite 1600, New York, NY 10010. As part of the Advisory Agreement, the Adviser is responsible for providing office space and office services required in rendering services to us. We consider these facilities to be suitable and adequate for the management and operations of our business.

Item 2 of the 10-K filed Mar 12, 2026.9

Leadership

Who has led Franklin BSP Real Estate Debt, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael Comparato2025

President

  1. Michael Comparato2025

Chief financial officer

  1. Jerome S. Baglien2025

Chief operating officer

  1. Jerome S. Baglien2025
Board members and other officers (6)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • FBRED Lux HYJV, LLC Delaware4
  • FBRED REIT AWH Mezzanine Loan Seller, LLC Delaware4
  • FBRED REIT AWH Mezzanine Loan Subsidiary, LLC Delaware4
  • FBRED REIT AWH Seller, LLC Delaware4
  • FBRED REIT BWH Seller, LLC Delaware4
  • FBRED REIT Equity, LLC Delaware4
  • FBRED REIT Finance, LLC Delaware4
  • FBRED REIT High Yield Securities, LLC Delaware4
  • FBRED REIT JWH Seller, LLC Delaware4
  • FBRED REIT Real Estate Debt OPCO, LLC Delaware4
  • FBRED REIT TRS Holdco, LLC Delaware4
  • FBRED REIT TRS, LLC Delaware4
  • FBRED REIT WWH Seller, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 15, 20268-K Other events17
  2. Oct 5, 20268-K Unregistered sale of shares18
  3. Sep 18, 20268-K Entered a material agreement; New debt or obligation19
  4. Sep 17, 20268-K Executive or director change20
  5. Sep 16, 20268-K Other events21
  6. Sep 4, 20268-K Unregistered sale of shares22
  7. Sep 4, 20268-K Entered a material agreement; New debt or obligation23
  8. Aug 17, 20268-K Other events24
  9. Aug 6, 20268-K Unregistered sale of shares25
  10. Jul 14, 20268-K Other events26
  11. Jul 8, 20268-K Unregistered sale of shares27
  12. Jun 15, 20268-K Other events28
  13. Mar 25, 2025New chief executive Michael Comparato becomes CEO10

Filings

71 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 48 major events, 7 insider forms, 2 private raises, 7 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Oct 5, 20268-K EDGAR
  3. Sep 18, 20268-K EDGAR
  4. Sep 17, 20268-K EDGAR
  5. Sep 16, 20268-K EDGAR
  6. Sep 4, 20268-K EDGAR
  7. Sep 4, 20268-K EDGAR
  8. Aug 17, 20268-K EDGAR
  9. Aug 11, 202610-Q EDGAR
  10. Aug 6, 20268-K EDGAR
  11. Jul 14, 20268-K EDGAR
  12. Jul 8, 20268-K EDGAR
  13. Jun 15, 20268-K EDGAR
  14. Jun 15, 20268-K EDGAR
  15. Jun 5, 20268-K EDGAR
  16. Jun 4, 20268-K EDGAR
  17. Jun 2, 20268-K EDGAR
  18. May 15, 20268-K EDGAR
  19. May 11, 202610-Q EDGAR
  20. May 6, 20268-K EDGAR

The 71 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Mar 31, 2025Raised $207.9 million in a private offering of equity Form D: 1,133 investors so far Form D

SEC filer profile

How Franklin BSP Real Estate Debt, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFranklin BSP Real Estate Debt, Inc.1
  • CIK0002035428
  • Employer ID (EIN)99-34802059
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company9
  • Incorporated inMaryland9
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business addressOne Madison Avenue, Suite 1600, New York, NY 100101
  • Phone000-000-00001
  • Shares outstanding4,585,673 Common Class G shares; 1,947,680 Common Class GD shares; 1,745,132 Common Class GS shares; 8,412 Common Class E shares; 5,500 Common Class I shares as of Mar 12, 20269
  • Public float$0 as of Jun 30, 20252
  • AuditorPricewaterhouseCoopers LLP, Atlanta, Georgia PCAOB ID 238; no auditor attestation of internal control over financial reporting9
  • On EDGAR sinceNov 8, 20241
  • Filings71 in all: 8-K (48), 3 (7), 10-Q (5), UPLOAD (3), 10-K (2), CORRESP (2), 10-12G (1), 10-12G/A (1)1
    All 10 form types

    D (1), D/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Oct 15, 2026

Risk factors and legal proceedings

The risks Franklin BSP Real Estate Debt, Inc. names in Item 1A of its 10-K filed Mar 12, 2026: 72 risks under these headings, as written.9

  • Risks Associated With Our Structure
  • We have a limited operating history and there is no assurance that we will be able to successfully achieve our investment objectives.
  • We are dependent on the Adviser and its affiliates.
  • We expect that an affiliate of the Adviser will have the authority to appoint 50% of the members of our Board.
  • The Adviser manages our portfolio pursuant to very broad investment guidelines.
  • There is no public trading market for our common stock and your ability to have your common stock repurchased through our share repurchase plan is limited.
  • Our continuous private offering creates risks related to the deployment of our capital.
  • We may be unable to maintain or increase cash distributions over time, or may decide to reduce the amount of distributions for business reasons.
  • We may pay distributions from sources other than our cash flow from operations, including, without limitation, borrowings, offering net proceeds and the sale of or repayments under our investments, and we have no limits on the amounts we may fund from such sources.
  • Payments to the Adviser in the form of common stock, which the Adviser may elect to receive in lieu of cash in respect of Management Fees or Performance Fees, will dilute your ownership interest in us.
  • Purchases and repurchases of our common stock will not be made based on the current NAV per share as of the date of the purchase or repurchase.
  • Valuations of our investments may reflect estimates of fair value and may not necessarily correspond to realizable value, which could adversely affect the value of your investment.
The other 61 risks
  • Our NAV per share may change materially.
  • The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • The limit on the number of shares a person may own may discourage a takeover that could otherwise result in a premium price to our stockholders.
  • Certain provisions of our charter and Maryland law could inhibit a change in control of our Company.
  • We will not be required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting and accounting standards, that apply to other public companies.
  • Risks Related To Our Financing Strategy
  • We expect to have a significant amount of indebtedness and may need to incur more in the future.
  • We may not be able to earn returns on loans we make in excess of the interest we pay on our borrowings.
  • We expect to rely on the availability of collateralized debt and loan obligation securitization markets to provide long-term financing for our loans and investments.
  • Lenders will typically require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions.
  • During periods of rising interest rates, our interest expense increases may outpace any increases in interest we earn on our assets, and the value of our assets may decrease.
  • We may not be able to access debt financing sources on attractive terms, if at all, which could adversely affect our ability to fund and grow our business, or result in dilution to our stockholders.
  • Our short-term borrowings may often require us to provide additional collateral when the fair market value of our collateral decreases, and these calls for collateral could significantly impact our liquidity position.
  • Risks Related to Our Investments
  • Our commercial real estate debt investments are subject to the risks typically associated with ownership of commercial real estate.
  • Our business may be adversely affected by unfavorable or changing economic, market, and political conditions.
  • Your investment return may be reduced as a consequence of the actions we intend to take to avoid registering as an investment company under the Investment Company Act or if we are required to register as an investment company under the Investment Company Act.
  • Our success depends on the availability of attractive investment opportunities.
  • Delays in liquidating defaulted commercial real estate debt investments could reduce our investment returns.
  • Operating and disposing of properties acquired through foreclosure subject us to additional risks that could harm our results of operations.
  • Subordinated commercial real estate debt that we originate or acquire could expose us to greater losses.
  • We may be subject to risks associated with construction lending, such as declining real estate values, cost overruns and delays in completion.
  • Jurisdictions with one action or security first rules or anti-deficiency legislation may limit the ability to foreclose on the property or to realize the obligation secured by the property by obtaining a deficiency judgment.
  • Insurance may not cover all potential losses on the properties underlying our investments, which may harm the value of our assets.
  • We expect to invest in CMBS and CRE CLO bonds, which may include subordinated securities, which entails certain risks.
  • We may not control the special servicing of the mortgage loans underlying the CMBS and CRE CLO bonds in which we invest and, in such cases, the special servicer may take actions that could adversely affect our interests.
  • We may sponsor, and purchase the more junior securities of, CLOs and such instruments involve significant risks, including that these securities receive distributions from the CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.
  • We expect to invest in CDOs and such investments involve significant risks.
  • The B Notes that we originate or acquire are subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us.
  • Most of our investments are illiquid and we may not be able to vary our portfolio in response to changes in economic and other conditions, which may result in losses to us.
  • Competition with third parties for originating and acquiring investments may reduce our profitability.
  • Our due diligence may not reveal all material issues relating to our origination or acquisition of a particular investment.
  • We may be unable to restructure loans in a manner that we believe maximizes value, particularly if we are one of multiple creditors in large capital structures.
  • We may be subject to risks associated with future advance obligations, such as declining real estate values and operating performance.
  • We may not be successful in our attempts to align the maturities of our liabilities with the maturities on our assets, which could harm our operating results and financial condition.
  • Any credit ratings assigned to our investments will be subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
  • We may be subject to liability or “equitable subordination” as a result of borrower lawsuits.
  • We may experience a decline in the fair value of our assets.
  • Risks Related to Conflicts of Interest
  • Certain conflicts of interest are discussed below. Our stockholders should be aware that there will be occasions when the Adviser and its affiliates will encounter conflicts of interest in connection with their relationship to us. The below discussion enumerates certain conflicts of interest. There can be no assurance that the Adviser and its affiliates will resolve all conflicts of interest in a manner that is favorable to us and our stockholders.
  • The Adviser faces conflicts of interest relating to purchasing commercial real estate-related investments, and such conflicts may not be resolved in our favor, which could adversely affect our investment opportunities.
  • The Adviser and its employees face competing demands relating to their time, and this may cause our operating results to suffer.
  • The fee structure set forth in the Advisory Agreement may incentivize the Adviser to take actions that could create risks for stockholders.
  • Our Adviser manages our portfolio pursuant to broad investment guidelines.
  • Our Adviser maintains a contractual as opposed to a fiduciary relationship with us. Our Adviser’s liability is limited under our Advisory Agreement, and we have agreed to indemnify our Adviser against certain liabilities.
  • Termination or non-renewal of our Advisory Agreement would be difficult and costly.
  • Five of our six directors are also directors of a publicly-traded mortgage REIT advised by the Adviser that has similar investment objectives and target investments.
  • Risks Related To Taxation
  • Our failure to qualify as a REIT could have significant adverse consequences to us and the value of our common stock.
  • The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.
  • Even if we qualify as a REIT, we may be subject to tax liabilities that reduce our cash flow for distribution to our stockholders.
  • The failure of assets subject to repurchase agreements to qualify as real estate assets could adversely affect our ability to qualify as a REIT.
  • The “taxable mortgage pool” rules may increase the taxes that we or our stockholders incur, and may limit the manner in which we effect future securitizations.
  • The prohibited transaction tax may limit our ability to engage in transactions, including certain methods of securitizing mortgage loans that would be treated as sales for U.S. federal income tax purposes.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • Liquidation of assets may jeopardize our REIT qualification.
  • Modification of the terms of our debt investments and mortgage loans underlying our CMBS in conjunction with reductions in the value of the real property securing such loans could cause us to fail to qualify as a REIT.
  • Changes in tax laws may adversely affect our taxation as a REIT and taxation of our stockholders.
  • Risks Related To Plan Investors
  • If the fiduciary of an employee benefit plan or plan subject to ERISA or Section 4975 of the Code fails to meet the fiduciary and other standards under ERISA, the Code or common law as a result of an investment in our common stock, the fiduciary could be subject to penalties.
  • If our assets at any time are deemed to constitute “plan assets” within the meaning of ERISA and the Plan Asset Regulations, that may lead to our being subject to certain ERISA and Code requirements.
  • General Risks Related To An Investment In Our Common Stock
  • Public health crises have, and may in the future, adversely impact our business and the business of many of our borrowers.
  • Our business could suffer in the event our Adviser or any other party that provides us with services essential to our operations experiences system failures or cyber-incidents or a deficiency in cybersecurity.
  • We are subject to risks from natural disasters such as earthquakes and severe weather, including as the result of global climate changes, which may result in damage to the properties securing our loans.

Legal proceedings

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us or the Adviser. From time to time, we or the Adviser may be a party to certain legal and regulatory proceedings in the ordinary course of business.

The opening of Item 3, Legal Proceedings.9

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
    SEC EDGAROther events
  18. 18
  19. 19
  20. 20
  21. 21
    SEC EDGAROther events
  22. 22
  23. 23
  24. 24
    SEC EDGAROther events
  25. 25
  26. 26
    SEC EDGAROther events
  27. 27
  28. 28
    SEC EDGAROther events